INTB 200 MIDTERM STUDY GUIDE QUESTIONS AND ANSWERS 2026/2027 |
COMPLETE EXAM REVIEW
Globalization - ANS ✔✔The shift towards a more integrated and interdependent world
economy
Globalization of Markets - ANS ✔✔The merging of historically distinct and separate national
markets into one huge marketplace
World Trade Organization (WTO) - ANS ✔✔Polices the world trading system, promotes lower
barriers to trade and investment
International Monetary Fund (IMF) - ANS ✔✔Maintains order in the international monetary
system, lends money only in times of crisis
World Bank - ANS ✔✔Promotes economic development via low interest loans for infrastructure
projects
Foreign Direct Investment (FDI) - ANS ✔✔Occurs when a firm invests resources in business
activities outside its home country
Political System - ANS ✔✔The system of government in a nation
Collectivism - ANS ✔✔Stresses the primacy of collective goals over individual goals, Totalitarian
Communism - ANS ✔✔Socialism can only be achieved through violent revolution and
totalitarian dictatorship
, Social Democrats - ANS ✔✔Socialism is achieved through democratic means (ex. Sweden,
Bernie Sanders)
Individualism - ANS ✔✔Philosophy that an individual should have freedom in his own economic
and political pursuits
Democracy - ANS ✔✔Political system in which government is by the people, exercised either
directly or through elected representatives
Totalitarianism - ANS ✔✔Form of government in which one person or political party exercises
absolute control over all spheres of human life and prohibits opposing political parties
Communist Totalitarianism - ANS ✔✔Found in states where the communist part monopolizes
power
Theocratic Totalitarianism - ANS ✔✔Found in states where political power is monopolized by a
party, group, or individual that governs according to religious principles
Tribal Totalitarianism - ANS ✔✔Found in states where a political party that represents the
interests of a particular tribe monopolizes power
Right-wing Totalitarianism - ANS ✔✔Permits some individual economic freedom, but restricts
individual political freedom
Market Economies - ANS ✔✔All productive activities are privately owned and production is
determined by the interaction of supply and demand
Command Economies - ANS ✔✔Government plans the goods and services that a country
produces, the quantity that is produced, and the prices as which they are sold (everything state
owned)
COMPLETE EXAM REVIEW
Globalization - ANS ✔✔The shift towards a more integrated and interdependent world
economy
Globalization of Markets - ANS ✔✔The merging of historically distinct and separate national
markets into one huge marketplace
World Trade Organization (WTO) - ANS ✔✔Polices the world trading system, promotes lower
barriers to trade and investment
International Monetary Fund (IMF) - ANS ✔✔Maintains order in the international monetary
system, lends money only in times of crisis
World Bank - ANS ✔✔Promotes economic development via low interest loans for infrastructure
projects
Foreign Direct Investment (FDI) - ANS ✔✔Occurs when a firm invests resources in business
activities outside its home country
Political System - ANS ✔✔The system of government in a nation
Collectivism - ANS ✔✔Stresses the primacy of collective goals over individual goals, Totalitarian
Communism - ANS ✔✔Socialism can only be achieved through violent revolution and
totalitarian dictatorship
, Social Democrats - ANS ✔✔Socialism is achieved through democratic means (ex. Sweden,
Bernie Sanders)
Individualism - ANS ✔✔Philosophy that an individual should have freedom in his own economic
and political pursuits
Democracy - ANS ✔✔Political system in which government is by the people, exercised either
directly or through elected representatives
Totalitarianism - ANS ✔✔Form of government in which one person or political party exercises
absolute control over all spheres of human life and prohibits opposing political parties
Communist Totalitarianism - ANS ✔✔Found in states where the communist part monopolizes
power
Theocratic Totalitarianism - ANS ✔✔Found in states where political power is monopolized by a
party, group, or individual that governs according to religious principles
Tribal Totalitarianism - ANS ✔✔Found in states where a political party that represents the
interests of a particular tribe monopolizes power
Right-wing Totalitarianism - ANS ✔✔Permits some individual economic freedom, but restricts
individual political freedom
Market Economies - ANS ✔✔All productive activities are privately owned and production is
determined by the interaction of supply and demand
Command Economies - ANS ✔✔Government plans the goods and services that a country
produces, the quantity that is produced, and the prices as which they are sold (everything state
owned)
